Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Whiston. Inevitably, the period of lease remaining shortens as time goes by. This is often overlooked and only becomes a problem when the residence has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to obtain a lease extension. Qualifying long lease owners in Whiston have the legal entitlement to extend the lease for a further ninety years under legislation. Do give careful consideration before putting off your Whiston lease extension. Holding off that expense now simply increases the price you will ultimately have to pay for a lease extension
It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Birmingham Midshires | |
| Nationwide Building Society | |
| Santander |
Lease extensions in Whiston can be a difficult process. We recommend you procure professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Whiston lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Reuben was the the leasehold owner of a studio flat in Whiston being marketed with a lease of just over 59 years unexpired. Reuben on an informal basis spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Reuben to invoke his statutory right. Reuben obtained expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.
Last Winter we were phoned by Mr and Mrs. E Vincent , who moved into a purpose-built flat in Whiston in March 2012. The dilemma was if we could shed any light on how much (roughly) price would likely be for a ninety year extension to my lease. Comparable premises in Whiston with a long lease were in the region of £166,400. The mid-range ground rent payable was £60 invoiced monthly. The lease lapsed on 7 August 2080. Given that there were 54 years left we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 plus legals.
In 2010 we were approached by Ms G Harris who, having was assigned a lease of a garden flat in Whiston in September 1997. The dilemma was if we could approximate the price could be to extend the lease by ninety years. Comparable flats in Whiston with an extended lease were valued about £227,800. The average amount of ground rent was £45 billed yearly. The lease ended on 10 September 2091. Having 65 years left we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of costs.